VEEG: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VEEG
Largest movements
- Receivables within one year +€50,104
up €50,104 (+60.9%), from €82,221 to €132,325
of which Other amounts receivable: +€25,815
- Tangible fixed assets -€48,246
down €48,246 (-27.5%), from €175,376 to €127,130
of which Plant, machinery and equipment: -€39,712
- Cash -€19,313
down €19,313 (-82.3%), from €23,455 to €4,142
mainly Receivables within one year (-€50,104) and Tax, wage and social debts (-€16,425)
- Stocks and contracts -€16,815
down €16,815 (-22.2%), from €75,574 to €58,759
- Reserves +€25,242
up €25,242 (+21.0%), from €120,415 to €145,657
- Tax, wage and social debts -€16,425
down €16,425 (-99.1%), from €16,581 to €156
- Current portion of long-term debt -€10,592
down €10,592 (-37.0%), from €28,648 to €18,056
- Accrued charges and deferred income -€9,860
down €9,860 (-13.9%), from €71,043 to €61,183
- Debts after one year -€8,056
down €8,056 (-46.0%), from €17,513 to €9,457
- Gross operating margin -€31,381
down €31,381 (-26.8%), from €116,877 to €85,496
- Taxes -€9,621
down €9,621 (-53.2%), from €18,091 to €8,470
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €363,731 | €331,648 | -€32,083 | -8.8% |
| Fixed assets | 21/28 | €179,176 | €130,930 | -€48,246 | -26.9% |
| Tangible fixed assets | 22/27 | €175,376 | €127,130 | -€48,246 | -27.5% |
| Plant, machinery and equipment | 23 | €147,791 | €108,079 | -€39,712 | -26.9% |
| Furniture and vehicles | 24 | €819 | €1,231 | +€412 | +50.3% |
| Leasing and similar rights | 25 | €26,766 | €17,820 | -€8,946 | -33.4% |
| Financial fixed assets | 28 | €3,800 | €3,800 | = | 0.0% |
| Current assets | 29/58 | €184,555 | €200,718 | +€16,163 | +8.8% |
| Stocks and contracts in progress | 3 | €75,574 | €58,759 | -€16,815 | -22.2% |
| Stocks | 30/36 | €75,574 | €58,759 | -€16,815 | -22.2% |
| Amounts receivable within one year | 40/41 | €82,221 | €132,325 | +€50,104 | +60.9% |
| Trade receivables | 40 | €70,087 | €94,376 | +€24,289 | +34.7% |
| Other amounts receivable | 41 | €12,134 | €37,949 | +€25,815 | +213% |
| Cash at bank and in hand | 54/58 | €23,455 | €4,142 | -€19,313 | -82.3% |
| Deferred charges and accrued income | 490/1 | €3,305 | €5,492 | +€2,187 | +66.2% |
| Total equity and liabilities | 10/49 | €363,731 | €331,648 | -€32,083 | -8.8% |
| Equity | 10/15 | €140,415 | €165,657 | +€25,242 | +18.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €120,415 | €145,657 | +€25,242 | +21.0% |
| Distributable reserves | 133 | €120,415 | €145,657 | +€25,242 | +21.0% |
| Amounts payable | 17/49 | €223,316 | €165,991 | -€57,325 | -25.7% |
| Amounts payable after more than one year | 17 | €17,513 | €9,457 | -€8,056 | -46.0% |
| Financial debts | 170/4 | €17,513 | €9,457 | -€8,056 | -46.0% |
| Amounts payable within one year | 42/48 | €134,760 | €95,351 | -€39,409 | -29.2% |
| Current portion of amounts payable after more than one year | 42 | €28,648 | €18,056 | -€10,592 | -37.0% |
| Financial debts | 43 | €22,887 | €29,697 | +€6,810 | +29.8% |
| Credit institutions | 430/8 | €22,887 | €29,697 | +€6,810 | +29.8% |
| Trade debts | 44 | €23,896 | €16,146 | -€7,750 | -32.4% |
| Suppliers | 440/4 | €23,896 | €16,146 | -€7,750 | -32.4% |
| Advances received on contracts in progress | 46 | €10,153 | €3,219 | -€6,934 | -68.3% |
| Taxes, remuneration and social security | 45 | €16,581 | €156 | -€16,425 | -99.1% |
| Taxes | 450/3 | €16,581 | €156 | -€16,425 | -99.1% |
| Other amounts payable | 47/48 | €32,595 | €28,077 | -€4,518 | -13.9% |
| Accrued charges and deferred income | 492/3 | €71,043 | €61,183 | -€9,860 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,795 | €44,414 | -€381 | -0.9% |
| Other operating charges | 640/8 | €3,048 | €2,430 | -€618 | -20.3% |
| Gross operating margin | 9900 | €116,877 | €85,496 | -€31,381 | -26.8% |
| Operating profit (loss) | 9901 | €69,034 | €38,652 | -€30,382 | -44.0% |
| Financial charges | 65/66B | €3,994 | €4,940 | +€946 | +23.7% |
| Recurring financial charges | 65 | €3,994 | €4,940 | +€946 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €65,040 | €33,712 | -€31,328 | -48.2% |
| Income taxes | 67/77 | €18,091 | €8,470 | -€9,621 | -53.2% |
| Profit (loss) for the period | 9904 | €46,949 | €25,242 | -€21,707 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,949 | €25,242 | -€21,707 | -46.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.